7 Landlord Mistakes

No. 1 – Too quick to fill a vacancy

I often see new landlords and investors fall prey to this one.

I, too, many years ago made these bad judgment calls (never again). It is easy to drop your standards when a unit is about to become vacant.

Emotions take over and a prospect comes to you waving cash at you.

Sure, they do not represent the perfect tenants. Or their income is lower than you as a landlord might require. But they are nice people and they have the cash for the deposit and first month’s rent.

Besides, I think, “I will start negative cash flow next week if I do not rent to them.”

Three months later, I struggle to collect rent and month after month is a fight to get paid. I tell myself, “I wish I held out for better tenants.”

Like so many others, I have learned it is far better to have a few weeks of vacancy while finding the best tenant than to hurry and rent to a bad apple.

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